Even as several new deals priced in the run-up to Information Management Network's Barcelona conference, the pipeline still has enough steam to pump out product over the rest of the month. The weather may be calling for siesta, but ABS flow is wide-awake.

"Spreads have shown few signs of stress at the unrelenting bias toward tightening, despite the burgeoning calendar size," Royal Bank of Scotland analysts said. "We continue to be amazed by the European market's ability to chew through new deals at high subscription multiples, and only triple-A rated volume shows signs of slowing multiple subscription levels (though still more than well-covered)."

Several new CMBS deals began marketing last week. Merrill Lynch had a new transaction from the Taurus CMBS conduit in the lineup. Taurus CMBS (Germany) 2006-1 has on offer 582.5 million ($743 million) of notes backed by 10 loans to 12 borrowers on 36 properties that include multifamily units in the mix. The transaction has 290 million of 5.4-year triple-A rated notes on offer, as well as six-year double-A, single-A and triple-B rated paper.

Bear Stearns' began marketing a GBP350 million ($647 million) issue from its Ursus CMBS conduit. The deal is backed by a loan secured on 180 U.K. petrol stations leased to the Shell Group.

Barclays' new GBP401.3 million U.K. CMBS transaction from its conduit, Equinox (Eclipse 2006-1), has on offer 329.0 million of Class A notes with a 6.7-year average life, 18.5 million of subordinated triple-A rated notes and four further subordinated notes rated from double-A to triple-B.

Italy announced its new government-sponsored 398 million CMBS deal, Patrimonio UNO. Patrimonio offers 115.0 million of 4.0-year triple-A rated notes and three subordinated double-A rated tranches totaling 210.7 million - the lower two of which are on ratings watch negative by Fitch Ratings because the notes are linked to Italy's ratings, which was placed on watch earlier this month.

Preliminary details also circulated for Credit Suisse's latest CMBS conduit, Titan Europe 2006-3. The collateral includes 18 loans backed by 40 properties with 296 tenants. The deal's geographic distribution is 42.9% France, 28.5% Germany, 15.0% the Netherlands, 7.0% Belgium and 6.4% Luxemburg. The properties were split by use, 57.1% mixed industrial, 31.3% office, 2.54% retail and 9.1% other. Pricing is expected the week after the Barcelona gathering.

On the RMBS front, new nonconforming issues were on offer. Marketing began for Investec Bank's debut U.K. nonconforming RMBS deal sized at GBP200 million, Landmark Mortgage Securities 1. A total of GBP168.6 million of 2.6-year triple-A rated notes are offered alongside 4.0-year subordinated notes. The mortgages were originated by Amber Homeloans, Infinity Mortgages and Unity Homeloans. Landmark's provisional pool had a 79.1% weighted average LTV and 7 months seasoning.

Mortgages plc is also marketing a GBP500 million nonconforming RMBS issue dubbed Newgate Funding 2006-2. The triple-A rated tranches are offered with one-year, 1.8-year and 3.8-year average lives along with a four-year split triple-A rated Class M. Four subordinated tranches are also on offer. The deal is backed by self-certified mortgage loans with a 79.9% weighted average LTV and two months seasoning. The Newgate transaction includes detachable coupons initially paying 0.75% of the Class A notes outstanding stepping up to 1.25%.

More details were offered for Kensington Mortgages' latest U.K. nonconforming RMBS, RMS 22. The GBP800 million transaction will offer notes rated from triple-A to double-B. Its provisional pool will have 11 months seasoning with a 76.4% weighted average LTV.

Nordax Finans has its 177.7 million Swedish consumer loans deal, Scandinavian Consumer Loans. The deal features a five-year revolving period. Its senior triple-A rated tranche was sized at 119.0 million and offered alongside four subordinated tranches, including double-B rated notes funding the reserve. The loans were made to prime quality borrowers.

Marketing is also underway for EPIC II, a 900 million synthetic CLO for DEPFA. EPIC references 42 loans for PFI and PPP projects in 11 jurisdictions. A total of 78.8 million of rated notes are offered, including 45.0 million of triple-A rated notes and four subordinated tranches rated from double-A to double-B.

(c) 2006 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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